USDJPY – Corrective Balancing Structure Holding | Dec 3

NOTE: We have an APA (Advanced Price Action Course) members webinar come the 12th, so make sure to sign up and be there.

Just a heads up tomorrow is NFP, and with a potential rate hike + the ECB meeting today, I’m guessing liquidity should be low till the event, but likely a big┬ávolatility spike after as longer term players are trying to position in between these events (NFP + potential FED rate hike in about 12 days).

Should be some interesting moves, so make sure to have smaller position sizes and wider stops for swing trades while avoiding any day trades till after the event.

USDJPY – Corrective Balancing Structure Holding For Now (4hr chart)
In our weekly market commentary, we talked about the key corrective balancing structure on the USDJPY being critical and maintaining a bullish bias. The pair climbed higher and tagged the structural highs with bears selling off from here further confirming the structure.

After a decent sell-off today post ECB meeting, the bottom of the structure and range support and held for now. I’m staying bullish while above this on a ST basis. On a MT basis, I’m also staying bullish while above 121.15.

Upside the first target would be the recent range highs around 123.50 and then 125.

usdjpy price action

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

Related Article